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I have a question for you. Is it true if you pay off the balance of a credit card and you close it out it will fall off your credit report? How about if you had some late payments. I did a stupid thing. After I purchased my house (I qualified for a mortgage!!) I decided to do a debt consolidation company because I had about $25,000 in credit card debt. Well I got duped big time. They turned out to be "For Profit" and for the first month they held my payment and didn't pay my creditors. Well needless to say they were reported as delinquent on my credit report. I soon switched to a Credit Counseling Service which has been outstanding. However..now I want to refinance my home and get a Home Equity loan to pay off my credit card debt. (My house has appreciated $50,000 in the last two years). So I will revisit my question--if I am lucky enough to qualify for a refinane and Home Equity Loan and I pay off and cancel my credit cards..will they drop off my credit report? Or will it be subject to the 7-10 year rule?
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Everyone should have beliefs. I believe I will have another beer!!
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